peer to peer

Mar
31

Fintech company unveils major rebrand

Peer-to-peer invoice financer, The Invoice Market (tim), has unveiled its new branding, new website and a significant upgrade to its online client and funder platform. The chief executive of tim, Angus Sedgwick, said he believes alternative finance and fintech companies will invariably disrupt the financial services market, however, more work needs to be done in awareness – which drove his decision to rebrand tim. “The simple availability of a platform will not create business flow. Much work needs to be done at the coal face to educate businesses about this source of funding,” he said. “Since establishing tim, we’ve invested considerable time in ensuring clients and potential clients appreciate the […]

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Mar
23

Alternative finance booming in Australia

Australia’s alternative finance lending market is the third largest in Asia Pacific after experiencing growth of 320% in 2015. According to a new survey, Harnessing Potential, Asia Pacific Alternative Finance Benchmarking Report, Australia’s alternative finance lending market ballooned to US$348 million in 2015. Australia was trailing China, which reported US$101.69 billion over the same period, and Japan, which reported US$360 million. The largest share of Australia’s alternative finance market volume was balance sheet business lending, which accounted for over US$120 million in 2015. This was followed by invoice trading (US$105 million) and marketplace/P2P consumer lending (US$43m) in 2015. Marketplace or P2P business lending volume reached $7.05 million in 2015. Source: […]

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Mar
22

Australia’s banks could be forced to share data with fintech start-ups

Treasurer Scott Morrison is considering forcing Australia’s big banks to share more of their data with financial technology start-ups to bolster the country’s comprehensive credit reporting scheme. The announcement was made as part of the government’s new policy vision for growing the fintech sector, launched today. It revealed it would direct the Productivity Commission to review “options for improving data availability and use”, including weighing up calls from the fintech sector to make comprehensive credit reporting mandatory. The fintech industry’s request draws from a perceived reluctance on the part of the big banks to take part in the comprehensive credit reporting scheme, which was introduced in March 2014 to allow […]

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Mar
21

Scott Morrison scraps GST on Bitcoin, cuts fintech red tape

Treasurer Scott Morrison said digital currencies such as Bitcoin will be exempt from GST and restrictions on crowdfunding eased, under changes to boost the fintech sector. The government will also reduce tax barriers for venture capital investing in fintech companies and is working with the corporate regulator on a “regulatory sandbox” for start-ups that will allow them to focus on developing new products first and regulatory requirements later. Other measures include tasking the Productivity Commission with deciding whether major banks should be forced to share customers’ repayments data with credit bureaus and creating a new “entrepreneur’s visa”, which was announced in December. Digital currency Bitcoin will be exempt from GST […]

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SelfWealth announces new product offerings

Peer-to-peer investment start-up SelfWealth is preparing to launch two products at the end of this month aimed at addressing “the frustrations” that consumers face in financial advice today. Known as SelfWealth INTELLIGENCE and TRADING, founder Andrew Ward said the two products are targeted at simplifying stock trading by allowing a larger number of investors to enter the market and take control of their investments. “We’re a peer-to-peer investing group that uses the intelligence of the community to construct portfolios for investors,” Ward said. “Fintech is all about challenging the current norm [and] the end consumer is the number one piece in the puzzle. When you focus on that, [you are] […]

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Mar
18

Start-ups to banks: Wake up, Australia

It is Australia’s great sense of complacency that has opened the big four banks up to competition from an array of fintech disruptors, who are forming their own ecosystems to challenge the majors. That was the key message from a panel of financial technology players at a business conference yesterday who argued that the $30 billion of net profits made by the banking oligopoly each year made them a fair target. “Bluntly, the Australian consumer gets screwed at every single step of the way — credit cards, personal loans, auto loans, credit card fees,” says Mitchel Harad of the peer-to-peer lender, SocietyOne, whose backers include Kerry Stokes, James Packer, and […]

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Mar
18

Invoice trading is the new darling of Australia’s fintech loan market

Invoice trading, where companies put up their unpaid invoices to get cash for their businesses, is booming in Australia. It’s grown from almost nothing two years ago to $US105 million ($A140 million) in 2015, according to the first comprehensive research of the fintech loan market in Asia-Pacific. This alternative way for small businesses to raise cash has been made possible by the rise of digital networks and tools, making it easier for startup fintech players to connect with borrowers to grab a slice of a loan market which has traditionally belonged to banks. Australia’s alternative finance market — including peer-to-peer lending and crowdfunding — grew 320% to $US348 million ($A466 […]

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Mar
11

Fintechs push Morrison to enhance quality of credit data

Treasurer Scott Morrison has been urged to turn his encouraging words about fintech into action by pushing the big banks to share more information about customers to boost competition. In an article published in Thursday’s The Australian Financial Review, Mr Morrison said fintech could become a driver of economic growth and said the quality of data was important to those companies seeking to disrupt incumbents. Exactly two years since the comprehensive credit reporting (CCR) regime came into force, the fintech industry wants the government to mandate the regime and to extend the categories of data it captures. Data reported under the CCR allows competitors to the big banks to price […]

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